Parkmead Share Discussion Threads

[fhmktg] 08/1/2020 00:11

I hope you are both right robs12 and Chutes.The waiting is getting me edgy.Can,t help feeling that this year will be transformational for pmg through developments in both the oil and gas parts of the portfolio.Commitment to the southern NS gas project sanctioning could be the starter.

[robs12] 07/1/2020 17:37

1) Perth and Dolphin (PMG 100%) - discoveries, appraised by 17 wells, recoverable and contingent resources of approx. 104 MMBoe. Estimated 498MMBbls total oil in place for all of Perth field.
2) Lowlander (PMG 100%) - (a discovery, appraised by 5 wells, with 21.4 MMBoe 2C)
3) Polecat and Marten (PMG 100%) - Polecat discovered 2005, appraised 2010, appraisal well flowed at 4,373 bbls/day. Marten discovered 1984, three oil bearing sandstones. Together estimated 90MMBoe in place, and 33MMBoe 2C, close to Verbier (15% Jersey O&G) as an aside.

So approx. 160MMBoe 2P & 2C in discovered oil fields, 100% owned by PMG (currently!).

Add to this the possibility of bringing Athena back on line (PMG 30%, and Jersey O&G 15%, with estimated 26MMBBL proven and probable according to Sproule 2012).

160MMBoe @ $5/bbl = ~£600m. Vs mkt cap of ~£50m (of which £30m+ cash).
If they have agreed a deal for a route out, then it is just a matter of what % they have to give up as a part of the deal. Who knows. But I would expect/hope the figure to be a lot more than double the MC?

EDITed to add - that 160MMBoe highly likely to be increased too, dependent on improved recovery rate - PMG undertook a study through AGR to model potential fracture stimulation of the above reservoirs, which concluded (at least to the extent that has been announced publicly to date) - "New GPA reservoir study concluded that stimulating the Claymore formation would result in a considerable increase in well productivity and is likely to increase the project's oil recovery factor".

[chutes01] 07/1/2020 17:09

Heading up on M&A activity
Remember U was told GPA could be sold off for more than double MC

[our haven] 06/1/2020 15:15

49.50 just arrived, you could be spot on

[clunes100] 03/1/2020 13:41

I know is mainly gas but I would have thought it moved a little up today's Trump/Iran news?!

[fardels bear] 31/12/2019 15:15

No, we didn't. I bought JSE. It doubled.

[mallorca 9] 31/12/2019 11:00

Did anyone act on my Inland Homes tip(INL).

It continues to move higher.

[gargoyle2] 30/12/2019 17:34

You mean Tom's nephew? (Allegedly.)

[whiskeyinthejar] 30/12/2019 16:24

I haven't read that many of Tournesol posts because we've not been invested in same companies. But Im sure he's been one of most worthwhile forum oily contributors over last couple of decades. On old Motley website, which was better suited to longer form discussion, posters were rated and he was rated one of the best posters out of thousands.

The farm purchase I think was just a symptom of the real problem with PMG. Basically PMG is being ran as Cross' private company. He doesn't see the need to communicate with shareholders. Whatever Cross wants, there's no one to put up an alternative view. No one to represent shareholders. Certainly not his pals from Dana on the BOD. Or the very inexperienced Finance Director (who is still busy at college studying for accountancy degree, according to his linkin profile).

[marvelman] 30/12/2019 16:24

I refer to post 10251 and 10252...if it makes a difference

[monte1] 30/12/2019 16:20

Aye marvelman - raise yer standards.

[scarboro] 30/12/2019 16:19

jeez - raise your standards

[marvelman] 30/12/2019 16:18

Never better illustration of "non shareholder" contributions than the above two posts. At least one is not a holder but the facts are indisputable and a health warning to those thinking of buying in....not that I am suggesting they shouldn't.

[monte1] 30/12/2019 16:08

Blimey.

The doirty mare.

[chutes01] 30/12/2019 15:58

the wife is apparently counting the cash, shares, and ripping up the bos debt and eviction notices that no longer exist thanks to us pmg shareholders, as we await news on oil field developments.

[troy] 30/12/2019 15:49

As an ex shareholder I only pop in to see how the new (cough) "farmhouse" is coming along. How the company pays way over the odds in rent on it's office. How the wife's being kept afloat. How the builder's doing and how much more shareholders are being diluted ...etc etc etc Like a little mini Scottish soap opera.

Any news about any of that on the PMG website ?

[marvelman] 30/12/2019 11:05

"OK I know when I'm not welcome, I've got far better things to do"

Au contraire Tournesol. You are one the most informed and respected posters on any of the forums you post on. Only one poster has made you feel unwelcome and I am sure most people on this thread have no issue with your stance and also no issue with the points you make. I am not a holder but I do take an interest in what could be a very interesting story once the prologue is eventually completed. Regards.

Edit...the prologue appears to be being written for A Never Ending Story

[our haven] 30/12/2019 10:53

Tournesol. I think that you have made a number of fair and valid points. Disappointed in lack of investor consideration and will actively seek a timely exit strategy.

[tournesol] 30/12/2019 10:42

OK I know when I'm not welcome, I've got far better things to do. I'll make one final comment then I'll go away.

Let's take a look at what's NOT on the PMG website:-

The vast majority of E&P's provide regular presentations for the information of shareholders and others. These tend to be done at AGM's, EGM's, at quarterly updates, whenever there is significant news. There are no presentations of any kind on the PMG website. Either PMG has never produced any presentations or it has chosen not to share them with its shareholders. I don't know which would be more reprehensible.

So, looking at what IS on the website:-

The section named "About Parkmead" was last updated in May 2018.

The section "Our People - the Board" still lists Colin Perceval as a director, despite the fact that he left the co in early November.

The section "Operations - Our assets" was last updated in April 2019

The Greater Perth Area used to sit at the heart of PMG's strategy. There has been a deafening silence about its progress for some years now. If you do a search on the PMG website the most recent substantive news that comes up is dated February 2018.

I won't carry on, that's enough examples to prove my point.

PMG is failing to keep its shareholders informed. It is not making the slightest effort to do so. It is treating its shareholders as a captive audience which is too docile to object to being kept in the dark.

===================================

I will just clear up one question. Why have I bothered to post critical comments when I am no longer a shareholder? Well whenever I decide to buy shares, I do my own research beforehand. Then when I decide to sell I monitor the companies I've sold so that I can see if my decision to sell was a good one, and whether my timing was well judged. That's how I learn and improve as an investor. Sometimes I decide to re-enter companies I've left because there is a significant change in the company's circumstances. For example I was an early investor in Hurricane, left and then re-entered some years later. In that case I decided I was simply too early and could usefully deploy capital elsewhere rather than wait for years and years. Sometimes when I'm monitoring a co I've left I read comments from investors who seem to be not well informed or to be excessively - how shall I put this? - trusting? naive? gullible? lacking in scepticism? Sometimes I see gung ho comments which I think are very misleading. On some of those occasions I will re-engage in discussion because that's what the discussion forum is for.

But I think in this case I am very unlikely to ever re-enter PMG - I've lost confidence in the company and its "strategy" and it has adopted a black box approach and provides insufficient information on which to base informed decisions. I don't think therefore that I will benefit from any further time spent here.

Good luck and I sincerely hope you all prove me wrong and make a fortune.

[pldazzle] 30/12/2019 00:48

gargoyle

I did say "by and large" - but perhaps that wasn't as clear as I had intended: I certainly didn't mean to suggest that non-shareholders should NEVER post on advfn or analogous forums. Further, I entirely agree with you that there is always a place for constructive criticism. Destructive/negative criticism on the other hand, particularly when repeated time and time again, is just what it says on the tin - destructive - and serves little useful purpose that I can see, given that it is addressed to the forum readership (typically PIs) rather than the targets of the criticism (typically management). Over the years, I venture to suggest, most seasoned forum readers will have seen a number of boards sullied by this sort of thing.

That is by no means to say that destructive criticism is necessarily invalid - tournesol please note - it's just that after a while it becomes time to change the record, rather than going on, and on, and on, ad nauseam. In my experience, and for present purposes I'm happy to accept tournesol's denials that this applies to him, the non-shareholder negative poster tends to have an ulterior motive of one kind or another, or at least to lay him/herself open to the suspicion of doing so.

So - can we now change the record please?

[monte1] 29/12/2019 21:45

#10242

c) Post about it on a freebb.

[tournesol] 29/12/2019 21:28

PidazzleThis absolutely is NOT a forum for shareholders. It is a forum for discussion. I have made comments about the company. You have not. All you have done is express opinions about me. I am not the topic of discussion here. PMG is. Why don't you say something about them?

[tournesol] 29/12/2019 21:13

PidazzleI make a set of substantive criticisms and you say you have no opinion on them either way but you think I ought not to express them?That's quite preposterous. What's your day job? Policy advisor to J Corbyn on Brexit?.

[scarboro] 29/12/2019 19:50

could the company do more to engage with minority/private shareholders? of course they could. but if you dont attend the AGM then surely the push back should be, could the shareholder do more to engage with its management?

[scarboro] 29/12/2019 19:47

Just a general comment but if any shareholder (owner) is not hapy with any aspect of the running of the company (by management who may be owners and in this case the significant minority) then they have a couple of obvious choices
a) sell and move on
b) attend the AGM and voice their view/anxiety